Texas Power Grid Moratorium May Not Hurt BTC Miners

The Texas power grid moratorium may not significantly affect Bitcoin miners, according to Bernstein analysts. The state's Public Utility Commission and Electric Reliability Council of Texas were ordered by Governor Greg Abbott to conduct an audit of data centers seeking to connect to the grid.

Bernstein notes that many Texas-based Bitcoin miners are already covered by electric capacity agreements that have been approved, which could reduce near-term operational risk. The analysts expect most miners with existing operations in Texas to be minimally affected due to these contracts.

The audit and moratorium may slow or throttle speculative data center projects, potentially increasing the value of sites with development history. Bernstein highlighted several mining companies, including Cipher Digital, Core Scientific, CleanSpark, IREN, and Riot Platforms, as relevant to how the approval process evolves.